Ditch your Bank - Credit Union Transfer Walkthrough

Want to piss off the bankers?

Credit Unions are the best alternative to banks and nothing screams louder than money!

Basics about Credit Unions

Credit Unions are "not for profit". All profits are put back into lowering interest rates and providing new services.
Credit Unions are like little corporations that you join, not as a customer but an owner.
Your account is called a "share" because that is your stake in the credit union.
Every time you deposit money you buy more "shares"
The executive boards of credit unions are made up of their shareholders. Your children's teacher or your firefighter could be on the board.

Benefits of Credit Unions

THE BEST CUSTOMER SERVICE! They will always put your needs ahead of their shareholders because YOU are the shareholder and you are right in front of them :)
Credit Unions offer Credit Cards!
SUPER LOW APR credit card rates. 6.99% to 8.99% Try and beat that at a bank.
FREE ATMs Yes credit Union ATM's are free and most credit unions also belong to a wider network so the free ATM range may extend well outside your neighborhood into different states.
MORE ATMS. Yes, sounds crazy but if you live outside of a big city your Credit Union's network might have MORE Atm's you can use for FREE than the big bank you were with.

These are awesome things! BUT there must be a downside right?

Fancy Features: Credit unions because they are run by the people and not for profit will usually be slower to add new services such as online banking etc...
Location: If you are not in a big city there are a small number of credit unions that might not yet belong to a wider network so you might have to plan ATM withdrawals in advance.

hmmm..... Sounds awesome, I found a credit union in my neighborhood but I can't use the atm card everywhere and it's online banking isn't as awesome as my old bank....

Most of us do not have enough money to have a checking account and a savings account. So having a Bank of America checking account and a local Credit Union savings account doesn't make sense.

This is where compromise comes in.

With a little preplanning atm's won't ever be an issue again. This will also help discipline you and your spending. When you take money out in advance and plan ahead it helps you to watch how you spend. Using the magic plastic stick all the time is what leads to bad spending.

Most Credit Unions do have some kind of online banking and some even have their own iPhone apps. Most of us only really need a debit card and Credit Unions offer that. All I use it for is buying things online and checking my account balance. Credit Unions do the job.

If Credit Unions are so awesome then why isn't everyone in one already?

The Banks have lobbied hard to stop the spread of credit unions by making it very difficult for them to expand.
The Banks own the media and as such make sure that the people do not learn of this option.
The Banks have alot more money and put themselves on every block so you won't ever have to look elsewhere

Walkthrough for New Yorkers

There is only one "open charter credit union" in New York. Every other credit Union is only for workers in a spcific field or by referral only. Montauk Credit Union is on 26th and 3rd ave. http://www.montauk-cu.com/
Just go there before 3:00pm and open an account, all you need is $25.00
You must open a savings account and can also open a checking account.
The checking account lets you get a visa check card. It works just like a debit card/credit card except with no fees.
You can use this card like an ATM card at over 28,000 ATM's nationwide through the surcharge FREE Co-OP ATM Network.
This ATM network also works with 7-11's across the country
When you buy something with the checkcard always select CREDIT not debit. this way there is no fee for using it, otherwise you will get charged a dollar by visa
If there is not CO-OP network atm around and no 7-11 either and you don't want to pay a fee at a non Co-OP atm just go to a Duane Reade or Wholefoods and buy something small and use their cash back option, select credit and you just got a free ATM session!

After an half hour of filling out a short app I was done. I opened a savings account with $25.00 and put the rest in checking. My check card is due in the mail in a week. As a bonus I have an account number I can remember.

Conclusion:

Switching to Credit Unions will make you retrain yourself for a short period to planning your cash withdrawals but offer you

the best service,
huge savings
FREE ATMS!
satisfaction of knowing you ditched the bank
no more bank horror stories
bonus: help you learn to be more fiscally responsible by feeling closer to your money

Nov 5th is the day. Bring a friend and make a party out of it.